relevance protects you from technological obsolescence.
by alan anderson, cpa
transforming audit for the future
the days of delivering an audit report months after year-end are numbered. how relevant is an audit report when it’s months after the fact? even when we move to continuous audit – which will happen sooner than you think – it will still be historical information. but what will make it more relevant is that it will be delivered more timely, even if we don’t change much about how we perform the audit.
more: how ‘business expert cpas’ get their own business wrong | say adios to audit fee pressure | eight items to cover in the audit exit to deepen client relationships and prove value | know your three audit w’s | planning lays the foundation of audit relevance | how do we drive relevance in audit? | before the audit: more than just planning | are you correctly identifying the relevance intersection? | lack of relevance drives audit commoditization | five crucial attributes for successful audit leadership | traditional audits don’t deserve premium billing | four basic understandings every auditor must master
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if you’re taking the time to understand the workings of the business, how that business works in relation to the industry, and how it serves its customers, you’re on the path to providing true relevance. that’s how you move into advisory and assurance. if you provide that baseline level of relevance and then build more real-time techniques and tools, you can expand on that knowledge base of the industry and the operating environment. then you can give your clients even more advice and suggestions for what they do.
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